How can India increase its financial literacy rate? Economist weighs in

Image Source : INDIA TV Financial literacy is the key to survival and success for Indians, economist Sanjay Jaswani said.

In Indian middle class and lower income households, the go-to option for money is savings. Any and every extra penny goes into savings. This method has been around for decades, but there is a flaw in it and that it – stagnancy. 

Economist Sanjay Jaswani pointed out that ‘saving for a rainy day is smart, but putting all your eggs in one basket isn’t. “A change is required in our mindsets about money, all of our finances shouldn’t be tied up in one savings scheme,” Jaswani said.

“What the Indian common man lacks in resources and connections, he makes up for it in his honesty and earnestness. Many of us fall into the category of a ‘Common Man’ and have limited financial resources, and when you have something in a limited capacity you have to make the best use of it. The common man cannot afford to learn from trial and error, our mistakes would be too expensive and too devastating. Financial literacy is the key to survival and success for Indians,” he added.

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The stocks market and investing are the best options according to Sanjay Jaswani, 29, and he backs his opinions through several years of research, analysis and observation.

Jaswani, who has been nominated for the Padma Shri award for the year 2023, has gained prominence as an ‘Finfluencer’, and uses his social media presence to promote financial education. He has gained an impressive following on social media through his financial literacy content.

He received the International Icon Award in 2022, and the Excellent Educationist Award in 2020. The United Nations has recognised his efforts in the field of economics and education.

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